Abu Dhabi: Abu Dhabi Ports Group and the Suez Canal Economic Zone Authority have signed an agreement to establish and operate a 20 million square meter logistics and industrial zone in Port Said, located on Egypt's northern Mediterranean coast. Under the agreement, AD Ports Group has been granted usufruct rights for a 50-year renewable term to develop and manage the East Port Said zone.
According to Kuwait News Agency, the project aims to support global supply chains and provide an integrated environment for manufacturing and logistics services. During the signing ceremony, Egyptian Prime Minister Dr. Mostafa Madbouly highlighted the project as a milestone in Egyptian-UAE cooperation, emphasizing the strong relations between the two countries, based on mutual respect. He noted the significant growth in bilateral relations, particularly in trade and investment, with the UAE being a major investor in Egypt and trade volume reaching nearly USD 6 billion.
Madbouly described the partnership with AD Ports Group as constructive and ambitious, stressing the importance of launching the East Port Said development project and establishing the logistics and industrial hub. He reiterated the government's commitment to enhancing the investment climate in Egypt and highlighted the importance of the national transport and road networks that connect the Suez Canal Economic Zone with Port Said.
Madbouly emphasized the transformation of the Suez Canal into a global destination for industrial and logistics investments, due to its strategic geographical location. AD Ports Group CEO Mohammad Al-Shamsi stated that the project is poised to transform East Port Said into one of the region's leading industrial and strategic zones. He remarked that the agreement represents a new chapter in UAE-Egypt strategic cooperation, with AD Ports Group operating in over 50 countries worldwide.
Al-Shamsi further mentioned that the group manages 34 ports and marine terminals, along with a fleet of 247 vessels. He expressed gratitude to Egyptian President Abdulfattah Al-Sisi for his support for the port industry and for fostering bilateral investment efforts. Per the agreement, AD Ports Group will take on the development, construction, financing, operation, and management of the industrial and logistics zone by the end of 2025. The project will also include the construction of a 1.5-kilometer quayside with a multipurpose cargo terminal.